uncertainty and levels of private investment across countries. This result raises the question what institutions might help reduce … respect to investors. Some have argued that governments might benefit from joining a multilateral investment agreement, but …

Empirical evidence of the impact of policy uncertainty on aggregate investment is mixed. However, if the relationship … between policy uncertainty and investment performance is nonlinear, linear regression exercises might not capture the effect … of policy uncertainty. In this paper, I present a simple model with investment irreversibility which shows that, in the …

investment across countries. This raises the question whether certain types of government institutions might help reduce this … beneficial effects on investment by allowing governments to credibly commit not to engage in ex post opportunism with respect to …